The OMB has released proposed changes to the Data Collection Form (DCF) and its instructions. The DCF is used to summarize and submit the results of a single audit, with input from both the auditee and the auditor.

Proposed changes include a new section that will require additional information regarding the findings reported by the auditors.

The US Office of Management and Budget (OMB) has issued proposed guidance that would make some significant changes to OMB Circular A-133, which provides guidance for single audits. Some of the key proposed changes follow.

An increase in the threshold for single audits to $750,000 in federal expenditures from $500,000.

An increase in the minimum threshold for the determination of Type A/B programs to $500,000 from $300,000.

Revisions to the major program determination process criteria for Type A programs designations as high-risk.

A decrease in the percentage of coverage to 40% for normal and 20% for low-risk auditees.